Following widespread public outcry, President Bola Tinubu has suspended a planned levy on electronic banking transactions, according to Information Minister Mohammed Idris. The levy, which was set to take effect in two weeks, would have charged 0.5% of the value of electronic transfers to fund cybersecurity enhancements in the country.
The Central Bank of Nigeria (CBN) had announced the policy last week, but it was met with fierce criticism from Nigerians who argued it would exacerbate the country’s economic hardship. Many expressed concerns that the levy would drive people back to using cash, undermining the country’s progress towards a digital economy.
In response to the backlash, President Tinubu directed the CBN to review the implementation modalities and put the policy on hold. The minister emphasized that the president is not insensitive to the feelings of Nigerians, who are already struggling to afford basic items amidst the country’s worst economic crisis in a generation.
The suspension of the levy has been welcomed by Nigerians who see it as a victory for their voices being heard. The government’s decision to reconsider the policy is seen as a positive step towards addressing the economic challenges facing the country.
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